In today’s competitive business landscape, ensuring your organization is prepared for profitable growth is essential. This involves a comprehensive understanding of your organizational capabilities and identifying any gaps in your data and measurement infrastructure.
Here are three key initiatives to help you assess and enhance your readiness for success:
1. Assess Technical & Organizational Maturity
Understanding your organization’s current maturity is the first step toward improvement. Tools like Google’s Digital Maturity Benchmark can provide valuable insights into your development areas. This assessment will help you identify the strengths and weaknesses within your technical and organizational framework, allowing for targeted growth strategies.
2. Link Data to Your Objectives & Increase Measurement Accuracy
Aligning your data collection and analysis with your business objectives is crucial. Ensure you have the right data points to measure your progress accurately. By asking the right questions and setting clear business and marketing objectives, you can enhance the precision of your data measurement, leading to more informed decision-making.
3. Map Data Ingestion to Support Activation Use Cases
To maximize the value of your collected data, it needs to be actionable. This may require a thorough assessment of your current data infrastructure. By understanding if your setup can support various activation use cases, such as targeting, bidding, or optimization, you can better leverage your data for growth.
To go more in-depth, here is what you need to evaluate your readiness and ensure your marketing strategies are optimized with these checklists:
Checklist A: Organizational & Data Readiness
- Support for Changing Environments:
- Do you have a good understanding of internal and external resources?
- Is there a dedicated team for data privacy and ads privacy goals?
- Does your organizational structure allow agility in adapting to business environment changes?
- Data Strategy:
- Do you have a defined approach to building user trust and value exchange?
- Is there a first-party data strategy aligned with your business and marketing objectives?
- Have you established a measurement foundation for business data modeling?
Checklist B: Marketing Readiness
- Revenue Maximization:
- Are you using Conversion Value bidding and omni-bidding strategies?
- Are automation features like Performance Max and Broad Match utilized?
- Are all sales channels included in your automation strategy?
- Is your investment demand-driven with an open budget?
- Do you have strong product data and creative assets?
- Profitability Focus:
- Is there C-level buy-in for profitability as the primary business objective?
- Do you have agency/partner alignment?
- Are all incentives re-oriented towards profit over revenue?
- Is the finance team involved in bidding strategy and target definition?
- Technical Resources:
- Do you have technical resources for importing offline conversion data?
- Is there data alignment with defined profit data?
- Are you meeting profit data quality criteria, including conversion delay and granularity?
Conclusion
By following these key initiatives and checklists, you can ensure that your organization is well-prepared for profitable growth. Regular assessments and strategic alignments are critical to maintaining a competitive edge in today’s fast-paced market. Focus on enhancing your technical and organizational maturity, aligning data with your objectives, and ensuring your data infrastructure supports activation use cases to drive success.
